Quantifying the behavior of stock correlations under market stress

Understanding correlations in complex systems is crucial in the face of turbulence, such as the ongoing financial crisis. However, in complex systems, such as financial systems, correlations are not constant but instead vary in time. Here we address the question of quantifying state-dependent correlations in stock markets. Reliable estimates of correlations are absolutely necessary to protect a portfolio. We analyze 72 years of daily closing prices of the 30 stocks forming the Dow Jones Industrial Average (DJIA). We find the striking result that the average correlation among these stocks scales linearly with market stress reflected by normalized DJIA index returns on various time scales. Consequently, the diversification effect which should protect a portfolio melts away in times of market losses, just when it would most urgently be needed. Our empirical analysis is consistent with the interesting possibility that one could anticipate diversification breakdowns, guiding the design of protected portfolios

Cable Theft and Vandalism by Employees of South Africa’s Electricity Utility Companies: A Theoretical Explanation and Research Agenda

Published ArticleIn this paper, the researchers argue that unravelling perceptions and attitudes of relevant employees towards theft and vandalism is critical to stemming electric cable theft. The researchers draw on the Reasoned Action Theory (TRA) and the Theory of Planned Behaviour (TPB) to explain the involvement of electricity utility companies’ own employees in vandalism and theft of electricity copper cables.Drawing on a theoretical research approach involving the examination of mainstream literature, the paper explores the reasons for employees’ engagement in actions that contradict company policy, namely stealing from the employer or vandalizing organisational property. The findings suggests that personal traits (employee perceptions and attitudes), organizational factors (such as organizational climate) constitute presage factors that trigger psychological dispositions to rob the company of its material assets (copper cables) in general and ultimately steal and vandalise copper cables in particular

Histamine production during the anti-allograft response. Demonstration of a new lymphokine enhancing histamine synthesis

Histamine production is greatly increased during culture of allograft recipient spleen cells in the presence of immunizing cells (secondary mixed leukocyte cultures [MLC]) as compared to that found in primary MLC (i.e., without previous allograft). This phenomenon appears after 24 h of culture and reaches its maximum at 48 h. Optimal increased histamine production is observed when MLC is performed with spleen cells removed from mice during rejection. This increased production of histamine during secondary MLC results from the action of a lymphokine: the histamine-producing cell stimulating factor (HCSF). This factor is released by T lymphocytes. Its production requires specific stimulation of the recipient lymphocytes because increase in histamine production during secondary MLC can be only observed when recipient cells are cultured with stimulating cells bearing at least one homology at K or D loci with immunizing cells. HCSF acts on a cell which is present in bone marrow, spleen, blood, and peritoneal cells but absent in thymus or lymph node cells. This target cell is found in the less-dense layer of a discontinuous Ficoll-gradient of bone marrow cells. HCSF is heat stable, destroyed by trypsin treatment, and has a molecular weight between 50,000 and 100,000. It acts on its target cells by increasing histidine decarboxylase activity

Opacity of P(MMA-MAA)-PMMA Composite Latex System with Varying MAA Concentration

Polymer composites of core-shell morphology are commonly used in the paint industry as opacity enhancer. These are usually made of block copolymer systems wherein the core is formed from a polymer that swells in the presence of a solvent and surrounded by a high glass transition polymeric shell. Thus, upon drying, the swollen regions turn into voids while leaving a hard shell. Here, composites based on poly(methyl methacrylate-butyl acrylate) [P(MMA-BuA)] (seed stage), poly(methyl methacrylate-methacrylic acid) [P(MMA-MAA)] (second stage), and poly(methyl methacrylate) [PMMA] (third stage) were synthesized through a multistage sequential emulsion polymerization and their opacity was investigated. The second stage formulation of P(MMA-MAA) system was varied by changing the methyl methacrylate (MMA): methacrylic acid (MAA) mole composition, and the dried films of these composite latexes were characterized by infrared spectroscopy (IR), differential scanning calorimetry (DSC), and atomic force microscopy (AFM). The AFM images and ammonium hydroxide (NH4 OH) swelling studies confirmed the successful incorporation of the seed (first) stage with the second and third stage polymerization with PMMA. The differences in PMAA concentrations among the second stage polymer compositions were determined from the IR spectra and glass transition temperature (Tg ) data. Investigations on the opacity and hiding power of these polymer composites were done using optical densitometry. The results show increasing absorbance, indicating increasing opacity, with increasing polymethacrylic acid (PMAA) concentration in the second stage composition

Correlation effects on electronic and optical properties of a C60 molecule: A variational Monte Carlo study

The electronic and optical properties of the neutral C60 molecule are investigated in the extended Su-Schrieffer-Heeger model including a Hubbard-type on-site interaction by the variational Monte Carlo (VMC) method. The optical energy gap Eg of the molecule and the energies of the highest occupied molecular orbital (HOMO) and the lowest unoccupied molecular orbital (LUMO) have been calculated as functions of the Hubbard interaction strength U divided by the hopping constant t. It is found that the energy of both the HOMO and LUMO levels increase almost equally with increase of U/t, so that the Hubbard term U/t has only a weak effect on Eg for intermediate interaction strengths (U/t<5). This is significantly different from the situation in conducting polymers. Pair-binding energies in the singlet and triplet states have also been calculated by the VMC method for nondimerized molecules, and a comparison has been made with the results obtained by perturbation theory. © 1996 The American Physical Society.published_or_final_versio

Safety of overlapping inpatient orthopaedic surgery: A multicenter study

BackgroundAlthough overlapping surgery is used to maximize efficiency, more empirical data are needed to guide patient safety. We conducted a retrospective cohort study to evaluate the safety of overlapping inpatient orthopaedic surgery, as judged by the occurrence of perioperative complications.MethodsAll inpatient orthopaedic surgical procedures performed at 5 academic institutions from January 1, 2015, to December 31, 2015, were included. Overlapping surgery was defined as 2 skin incisions open simultaneously for 1 surgeon. In comparing patients who underwent overlapping surgery with those who underwent non-overlapping surgery, the primary outcome was the occurrence of a perioperative complication within 30 days of the surgical procedure, and secondary outcomes included all-cause 30-day readmission, length of stay, and mortality. To determine if there was an association between overlapping surgery and a perioperative complication, we tested for non-inferiority of overlapping surgery, assuming a null hypothesis of an increased risk of 50%. We used an inverse probability of treatment weighted regression model adjusted for institution, procedure type, demographic characteristics (age, sex, race, comorbidities), admission type, admission severity of illness, and clustering by surgeon.ResultsAmong 14,135 cases, the frequency of overlapping surgery was 40%. The frequencies of perioperative complications were 1% in the overlapping surgery group and 2% in the non-overlapping surgery group. The overlapping surgery group was non-inferior to the non-overlapping surgery group (odds ratio [OR], 0.61 [90% confidence interval (CI), 0.45 to 0.83]; p &lt; 0.001), with reduced odds of perioperative complications (OR, 0.61 [95% CI, 0.43 to 0.88]; p = 0.009). For secondary outcomes, there was a significantly lower chance of all-cause 30-day readmission in the overlapping surgery group (OR, 0.67 [95% CI, 0.52 to 0.87]; p = 0.003) and shorter length of stay (e, 0.94 [95% CI, 0.89 to 0.99]; p = 0.012). There was no difference in mortality.ConclusionsOur results suggest that overlapping inpatient orthopaedic surgery does not introduce additional perioperative risk for the complications that we evaluated. The suitability of this practice should be determined by individual surgeons on a case-by-case basis with appropriate informed consent.Level of evidenceTherapeutic Level III. See Instructions for Authors for a complete description of levels of evidence

Cognitively-inspired Agent-based Service Composition for Mobile & Pervasive Computing

Automatic service composition in mobile and pervasive computing faces many challenges due to the complex and highly dynamic nature of the environment. Common approaches consider service composition as a decision problem whose solution is usually addressed from optimization perspectives which are not feasible in practice due to the intractability of the problem, limited computational resources of smart devices, service host's mobility, and time constraints to tailor composition plans. Thus, our main contribution is the development of a cognitively-inspired agent-based service composition model focused on bounded rationality rather than optimality, which allows the system to compensate for limited resources by selectively filtering out continuous streams of data. Our approach exhibits features such as distributedness, modularity, emergent global functionality, and robustness, which endow it with capabilities to perform decentralized service composition by orchestrating manifold service providers and conflicting goals from multiple users. The evaluation of our approach shows promising results when compared against state-of-the-art service composition models.Comment: This paper will appear on AIMS'19 (International Conference on Artificial Intelligence and Mobile Services) on June 2

Combining Fine- and Coarse-Grained Classifiers for Diabetic Retinopathy Detection

Visual artefacts of early diabetic retinopathy in retinal fundus images are usually small in size, inconspicuous, and scattered all over retina. Detecting diabetic retinopathy requires physicians to look at the whole image and fixate on some specific regions to locate potential biomarkers of the disease. Therefore, getting inspiration from ophthalmologist, we propose to combine coarse-grained classifiers that detect discriminating features from the whole images, with a recent breed of fine-grained classifiers that discover and pay particular attention to pathologically significant regions. To evaluate the performance of this proposed ensemble, we used publicly available EyePACS and Messidor datasets. Extensive experimentation for binary, ternary and quaternary classification shows that this ensemble largely outperforms individual image classifiers as well as most of the published works in most training setups for diabetic retinopathy detection. Furthermore, the performance of fine-grained classifiers is found notably superior than coarse-grained image classifiers encouraging the development of task-oriented fine-grained classifiers modelled after specialist ophthalmologists.Comment: Pages 12, Figures

Impact of the “Utan sa Tugkaran” Vegetable Garden Project for Identified Communities in Cagayan de Oro City, Southern Philippines

Community-based gardening projects contribute toward food security as gardens provide fresh vegetables and income. This study assessed the social and economic impacts of the “Utan sa Tugkaran” (vegetable garden) project for three locations in Cagayan de Oro City, Southern Philippines. Primary data was gathered using in-depth interviews and focus group discussions (FGDs). The social impacts included creating safe places, access to area, community development, building social capital, and education opportunities. The economic impacts covered job creation, training, business incubation, market expansion, savings for food, and increased home values. Results show that majority of the respondents were female (92.12%), aged 46 and above (44.12%), married (61.77%), and with an average of four children in the family. Interviews revealed that 60% engaged in community development, 30% availed the educational opportunities, and 10% practiced building social capital. In economic impacts, 15% of the respondents were provided jobs, 70% joined the training and cultivated vegetable gardens, 10% engaged in business incubation, and 5% experienced market expansion. FGDs reveal that 40% of the beneficiaries were able to save money at the rural and cooperative banks in the city due to sufficient fresh food vegetables for their family, and 50% of them received additional income from vegetable gardens. Recommendations include educating beneficiaries on new ways of cultivating home gardens in vacant lots in their areas and assisting them in establishing a cooperative for gardeners